PLANCHE 01 Scale & Footprint — €94.6B, Three Geographies, 15,000+ Stores

Carrefour's FY2024 like-for-like sales grew 9.9% to €94.6B — a figure partially obscured by BRL currency headwinds in 2024–2025. The cleaner read is the geographic mix now settled after two years of pruning: France (~€43.8B), Other Europe (~€26.1B), and Latin America (~€24.7B). Italy is sold (December 2024, ~€1B to NewPrinces; full rebrand to GS by 2026–2028). Romania sale to Paval Holding (€823M) announced late 2025/early 2026.

Store portfolio (end-2024):

DIN MONO — CARREFOUR GEOGRAPHIC REVENUE MIX, FY2024 SOURCE: MarketScreener FY2024 · ESM Magazine FY2024 ╔═══════════════════════════════════════════════════════════╗ ║ CARREFOUR SA — GEOGRAPHIC REVENUE MIX, FY2024 ║ ╠═══════════════════════════════════════════════════════════╣ ║ Region % Sales Revenue (approx.) ║ ║ ───────────────────────────────────────────────────────────║ ║ France 46.3% ~€43.8B ║ ║ Other Europe (ex-FR) 27.6% ~€26.1B ║ ║ Latin America 26.1% ~€24.7B ║ ║ ───────────────────────────────────────────────────────────║ ║ Total 100.0% €94.6B ║ ╠═══════════════════════════════════════════════════════════╣ ║ FY2025 OPERATING INCOME BY GEOGRAPHY ║ ║ ───────────────────────────────────────────────────────────║ ║ France: €1.07B (operating margin 2.6%) ║ ║ Europe ex-FR: €481M (+3.7%, Spain +13.5%) ║ ║ Latin America: €709M (BRL headwind; stable FX) ║ ╚═══════════════════════════════════════════════════════════╝

France generates the highest absolute operating income (€1.07B at 2.6% margin) but is the most structurally challenged market — E.Leclerc holds 23.5% vs. Carrefour's 21.8%. The France gap to Leclerc is the core strategic problem Bompard has been solving since 2017, and the answer was never going to be incremental. It required the Cora & Match acquisition (see Planche 04 in the full report).

Other Europe (ex-FR) delivered €481M operating income in FY2025, +3.7% — with Spain delivering an exceptional +13.5% as the standout performer. Belgium and Poland continue to be reliable contributors.

Latin America is the growth engine that doesn't get enough credit. BRL headwinds knocked ~€55M off the operating income in FY2025 (from €764M in 2024 to €709M), but at constant FX the underlying business grew. Atacadão's conversion economics are the single most important business development in European grocery in 2024–2025 — 18 BIG hypermarkets converted to cash-and-carry in FY2024 alone, target sales density R$28,000–31,000/m², 5–6% EBITDA margin by end-2024.

Source: MarketScreener FY2024; ESM Magazine FY2024; Carrefour FY2024 Annual Report; Investor presentation Q4 2024.